According to the report of the news media Reuters, a large payment company located in the United Arab Emirates, UAE Exchange, is going to collaborate with Ripple Labs and work on the cross-border payments all over Asia. The Asian market occupies a huge share of the world’s annual remittance (around 613 billion), thus, this niche is highly demanded.
The CEO of the Exchange Promoth Manghat is sure that the payment network of Ripple based on the blockchain technology will become a breakthrough on the Asian market, however, the company will proceed slowly going “fully mainstream”.
“We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia,” he said.
We would like to remind you that Ripple Labs has recently been partnering up with multiple major businesses regarding its cross-border payment system.
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